REI Agro Beneish M-Score Historical Data
The historical data trend for REI Agro's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
REI Agro Beneish M-Score Chart
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REI Agro Annual Data
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Trend |
Mar05 |
Mar06 |
Mar07 |
Mar08 |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
Mar14 |
| Beneish M-Score |
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-2.40 |
-1.04 |
2.03 |
-2.22 |
0.00 |
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REI Agro Quarterly Data
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Mar04 |
Mar05 |
Mar06 |
Mar07 |
Mar08 |
Mar09 |
Mar10 |
Mar11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Dec13 |
Mar14 |
| Beneish M-Score |
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0.00 |
-2.22 |
0.00 |
0.00 |
0.00 |
REI Agro Beneish M-Score Competitor Comparison
For the Packaged Foods subindustry, REI Agro's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
REI Agro Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, REI Agro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where REI Agro's Beneish M-Score falls into.
REI Agro Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of REI Agro for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 2.0218 | + | 0.528 * 1.1838 | + | 0.404 * 0.5462 | + | 0.892 * 0.9503 | + | 0.115 * 1.327 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.1611 | + | 4.679 * -0.024114 | - | 0.327 * 0.9874 |
| = | -1.94 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar14) TTM: | Last Year (Mar13) TTM: |
Total Receivables was $828 Mil.
Revenue was $1,666 Mil.
Gross Profit was $240 Mil.
Total Current Assets was $1,506 Mil.
Total Assets was $1,987 Mil.
Property, Plant and Equipment(Net PPE) was $417 Mil.
Depreciation, Depletion and Amortization(DDA) was $11 Mil.
Selling, General, & Admin. Expense(SGA) was $11 Mil.
Total Current Liabilities was $1,226 Mil.
Long-Term Debt & Capital Lease Obligation was $109 Mil.
Net Income was $70 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $118 Mil.
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Total Receivables was $431 Mil.
Revenue was $1,753 Mil.
Gross Profit was $299 Mil.
Total Current Assets was $1,559 Mil.
Total Assets was $2,002 Mil.
Property, Plant and Equipment(Net PPE) was $326 Mil.
Depreciation, Depletion and Amortization(DDA) was $12 Mil.
Selling, General, & Admin. Expense(SGA) was $6 Mil.
Total Current Liabilities was $1,060 Mil.
Long-Term Debt & Capital Lease Obligation was $303 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (828.348 / 1665.965) | / | (431.145 / 1753.16) |
| = | 0.497218 | / | 0.245925 |
| | = | 2.0218 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (299.22 / 1753.16) | / | (240.19 / 1665.965) |
| = | 0.170675 | / | 0.144175 |
| | = | 1.1838 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1506.199 + 417.023) / 1986.782) | / | (1 - (1559.457 + 325.601) / 2002.339) |
| = | 0.031991 | / | 0.058572 |
| | = | 0.5462 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1665.965 | / | 1753.16 |
| | = | 0.9503 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (11.783 / (11.783 + 325.601)) | / | (11.272 / (11.272 + 417.023)) |
| = | 0.034925 | / | 0.026318 |
| | = | 1.327 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (11.373 / 1665.965) | / | (5.538 / 1753.16) |
| = | 0.006827 | / | 0.003159 |
| | = | 2.1611 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((109.043 + 1225.878) / 1986.782) | / | ((302.774 + 1059.706) / 2002.339) |
| = | 0.671901 | / | 0.680444 |
| | = | 0.9874 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (70.085 - 0 | - | 117.994) | / | 1986.782 |
| | = | -0.024114 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
REI Agro has a M-score of -1.94 suggests that the company is unlikely to be a manipulator.
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